It's possible everyone just stops hiring new folks and lets the incumbents automate it. Or it's possible they all washed cars the rest of their careers.
- post-9/11 stress and ‘08 was a big jolt, and pushed a lot of folks out.
- Managed their money fine (or not) for when the job slowed down and also when ‘08 hit
- “traders” became “salespeople” or otherwise managing relationships
- Saw the trend, leaned into it hard, you now have Citadel, Virtu, JS, and so on.
- Saw the trend, specialized or were already in assets hard to automate.
- Senior enough to either steer the algo farms + jr traders, or become an algo steerer themselves
- Not senior enough, not rich enough, not flexible enough or not interested anymore and now drive Uber, mobile dog washers, joined law enforcement (3x example I know of).